28 March – GBPUSD – Long

Cable was definitely another big loser last week. After reversing from the resistance at 1.45, it was printing lower prices almost every day last week. It had finished the week below 1.41. Daily charts suggest that downtrend is intact and it’s reasonable to assume the double bottom might be formed at 1.3850 sometimes within the next 8 weeks. Before this is the case, GBPUSD could see a correction to the upside from the current levels. There is a major support at 1.41 (marked in yellow), which

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